The speed at which you can sell a property in the UK will depend on multiple factors including property type, location and property features. Certain areas of the UK are known for having a faster sale time than other areas.
What Areas in the UK Have the Fastest House Sales?
According to a recent study carried out by Zoopla, certain areas in the UK are faster-moving than others, with average sales of between 14 and 17 days.
The fastest-moving markets across the UK, according to the analysis, were Dartford, Redditch, Test Valley and Gloucester – all of which had an average of 14 full days time on the market.
Dartford, which is in Kent, is one of the fastest selling areas thanks to its easy commute to and from London. Following the pandemic, many buyers were looking for properties where they could get more bang for their buck but still within commuting distance of London.
There are certain areas of the UK which have also shown drastic improvement in the past year regarding time to sell, showing a far greater demand for these locations. These areas include West Oxfordshire, Lancaster and Ealing which have an average time of 24 days, 21 days or 31 days respectively to sell.
What Areas of London Do Houses Sell Fastest?
The London property market has picked up since the effects of the coronavirus pandemic and London and the South East in particular have seen a vast improvement in the time it takes to sell. Although the average time to sell a property in London is 35 days, there are certain areas with a far faster turnover time.
Bexley is the fastest-moving housing market in London, and one of the fastest-moving housing markets across the UK. In Bexley, properties take an average of 16 days to sell – especially two-bedroom terraced homes. The fastest-selling properties in Bexley are priced between £400,000 and £450,000.
Waltham Forest is also a fast-moving market in London with an average sale time of 17 days. Here, the fastest-moving properties are four-bedroom terraced homes costing between £550,000 and £600,000.
Kensington and Chelsea, Wandsworth and Richmond Upon Thames all feature in the list of areas with the most-improved sale time.
The average house price of an area can also affect how fast properties will sell. For example, the same analysis from Zoopla found that the fastest-moving price band is between £250k-£300k. This price bracket encompasses many first time buyers who have been saving as well as those looking for their first marital home or place to raise a family.
However, this varies depending on areas. More expensive areas will have a much higher average price bracket and the subsequent fastest-selling price for that area will be higher than the average price for the country.
Analysis shows that the fastest-selling property type are three-bedroom, semi-detached houses. Further analysis suggests that these three-bedroom, semi-detached houses, when valued between £150,000 and £200,000 are the fastest-selling property type in the UK.
Once again, this will of course depend on the area where the property is being sold. In city centres, for example, semi-detached houses are relatively scarce so it is likely that certain types of flats will be the fastest-selling property type.
House sale analysis shows that there are particular trends and designs which increase the likelihood that a house will be sold. For example, kitchens with granite countertops or stainless-steel features were found to sell faster than the average home. In fact, according to one study, homes with stainless-steel appliances typically sold 15% faster than an average home!